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The Ways Of Wholesaling

Jan 31, 2008
Today many people want to get into the real estate investing market. Where to begin? If you have a limited budget like most beginners wholesale buying is the right strategy for you. Wholesale buying is not much more than passing the paper to another investor. The main idea around wholesale buying is to generate cash into your pockets for future larger profit making investments. If you already have the capital to begin your real estate investing business this is also a great tool for you. It will allow you to make a profit off those deals that are too large to handle or you are just overwhelmed with deals. The typical amount you would receive from another investor in a wholesaling deal is usually is around five to fifteen thousand dollars. That amount varies within the market in which the property is located and how good the actual deal is. Your biggest thought is, "How do I find deals to wholesale?" To be honest with you it all depends on your market. Some locations will be easier than others to find deals, but they are everywhere. It all depends on how hard you want look and how much effort you are going to put forth. Everybody thinks you will become rich overnight investing in real estate. That's not true in most ways. If you plan on investing for years and live a conservative life I can all most guarantee you will be successful! It is possible to make a lot of money very fast, but that's not investing that is gambling and knowing when to quit.

To begin your wholesaling real estate business you have to come up with a few strategies to find the deals. There are many ways to find deals out there, but I will give you the most common and overused ways out there. Have you ever seen those, "I Buy Houses", signs out there? Well those are real estate investors or wholesale buyers looking for deals. I don't know about you but I would not call those signs unless I was desperate. Desperate people are exactly what you're looking for. Every person has a different situation that you will have to overcome to make that deal. Be careful, not every phone call you receive is a potential deal. Most of the calls will have no potential at all. You will have to learn on your own how this works. A big clue is to remember, "Do the numbers work for you?" Almost all of the strategies to drive people your way always come back to the telephone. The other big way is to advertise from the newspaper to having decals on your personal vehicle. Go out there and be creative do something that will put you in front of the pack.

Once you have found that great deal for wholesaling you have to make it legal. You are going to have to get that property under contract. The contracts and laws vary so much state to state you have to be careful. Make sure you consult legal advice when using contracts you find. You also could use your local real estate agent's purchase agreement. That contract will be legal in your state and is okay for you to use. You should also be careful when dealing with pre-foreclosure properties. There are special rules and regulations laws in some states. So spend some time and make sure there are no surprises later. Once that property is under contract all you have to do is find an investor to purchase it from you. It is almost as easy as it sounds if you know where to look. The best place to start is your local real estate investing club. If your deal is good, do not worry you will have an investor at your door. At last you will receive a check and the journey starts all over again.
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